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PS3 is unlikely to overtake X360 in total worldwide sales within the next two years. 6.2million gap of X360 over PS3 is increasing. It will be over 7 million gap by the end of 2008.
PS3 price cut will come too late and by then it will be approaching 8 million gap behind X360 in mid 2009. X360 price cuts would come into effect immediately after PS3 2009 price cuts.